With six different race winners in the season thus far, the only two consistent things about Formula 1 right now are: 1. fast cars, and 2. Rolex banners everywhere. Although this decade-long sponsorship deal might be finito by the end of 2024, with another watchmaker now waiting in the wings.
First reported by Coronet — a site dedicated to all things Rolex — unnamed sources located in Geneva, where the company is headquartered, have stated the Big Crown won’t be renewing its partnership with Formula 1 in the coming months.
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Bernard Arnault’s LVMH is understood to be the next official timekeeper in an annual agreement worth US$150 million (AU$222 million) that’ll kick off in January 2025.
According to Forbes, Rolex paid at least US$45 million (AU$66 million) per annum as a Formula 1 sponsor, suggesting a significantly expanded deal if the LVMH offer is anywhere near accurate.
The luxury conglomerate’s vaunted watch portfolio counts the likes of TAG Heuer, Hublot, Zenith, and Bulgari (among several others).
As some of you may know, TAG Heuer already sponsors the Red Bull Racing. Additionally, both LVMH Watches CEO Frederic Arnault and his K-pop star girlfriend Lisa of BLACKPINK fame have also been spotted roaming the paddocks — the latter having even waved the chequered flag at the most recent Miami Grand Prix.
Neither Rolex nor Formula 1 have confirmed this exit just yet, let alone offered an explanation for the divorce. But Coronet suggests the enormous carbon footprint of Formula 1 may be a factor.
For context, Rolex currently supports several environmental sustainability projects around the world, which could be perceived to be at odds with the 223,031 tonnes of C02 emissions produced by the sport in 2022.
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With 12 more races until the end of the 2024 Formula 1 season, we may need to wait a few more months before these rumours are confirmed; if Rolex were to exit at the end of this season it would certainly mark the end of an era.
And if LVMH does pull the trigger on a US$150 million annual investment in the elite motorsport, it could make for an exciting season in 2025, given the potential watch brands that’ll be championed to the Formula 1 faithful.
